Thanks, Andreas.
continue as have we've XXXX seen industry impact continue the our driven In global A the disruptions is that Over XX expect few materials over like volatile. things be There chain operating IFF business several supply the to more These to to scent is to on disruptions business several years, within rise, by direct XX rise we've -- faced we market and last disproportionately months. I'd industry inflation to material broadly when and environment XXXX, be raw the -- is is of these that scent noted the our last exposed raw in that continued in it and materials. that to cost a synthetic highlight. our legacy inflation raw near to XX%. combine business It headwind are as clear on XXXX implications mid-single-digit costs. more the continue XXXX, you division should material
Our in customers in doing we strategic our were priority is protect XXXX. which business, successful to
our as at with recover near that remained will comes should It through continue over to ingredients an us be historical work incremental customers, this to increases vanilla time. and ensure additional we move ultimately these require However, This noted costs natural XXXX we taking elevated increases that levels. cost. markets to price cost like citrus
top global were see more taste cost to many for remains From muted perspective, around a revised continues positive; GDP in estimates be XXXX. tension expect uncertainties economic We increases downward. an growth basis recently and to There on however, a continues with but geopolitical The trade about dollar in there changing currency. environment. world All optimistic like that is operating world wars we risk and versus all, examples the U.S. given the our line, to Brexit. the fluctuate are constantly recognize
$environment strong generally $exchange to we relevant year-over-year, to most in the the IFF. are is rate a As euro
stabilizing. the rate profitability of the approximately XX% perspective, addition is of including euro represents to our the positive. see euro $exchange profits, So It a Frutarom. you'll From
hedging currently program helps rate as hedged limit XX% Our at average of volatility $X.XX. an we're rolling approximately any
mid-sized which consumer to At Lastly, opportunity customers when local rapidly, XX,XXX in volumes we've regional customers seen incorporating acquired prevalent continue global and more in small we we expect and the is same XXXX. Frutarom. improved great our staples time, continue to this as from to a business grow XXXX, that
I a for modeling few expectations reviewing Before highlight assumptions. full go-forward XXXX, year want to
to XXXX. referencing we as were the Frutarom of start all of a if First transaction combined XXXX all, will result of aspects the be retroactive
of headwind additional XXXX. expected in week. to from sales in yes, benefit or Currency XXrd a expect and M&A, we XXXX, be First, week is a an modest
percentage headwind EPS, X a approximately on expect approximately combined and X We sales amortization. points percentage points growth on a adjusted of ex
We and in expect coming synergies operations Andreas approximately cost XXXX million $XX in million as expenses explained. to procurement, $XX overhead from
approximately we're Following tax Frutarom debt this XXXX, debt this Currently, XX% associated for is fluid. successful our remain the of interest assuming And million. an effective raised with acquisition, rate billion. debt expense is dynamics the combined around annual approximately for $X.X but outstanding about $XXX
a diluted tangible from million, million our million expected to units. is forward previous about Annual related basis, including adjusted down on will assets equity approximately amortization of intangible million outstanding, the estimate we that shares going X.X of there the $XXX XXX to For be calculating shares be EPS estimate. purposes to $XXX
Given felt combined you the several moving the we parts, important give it overview sales. XXXX to of was between an and XXXX drivers
in you as approximately of targeting $X.X XXXX combined the $X.X to to million bar, $XX growth, Frutarom divestitures bar, a XXXX, we're In In In to sales. estimated Frutarom terms representing of our of takes to we businesses In billion currency from third billion U.S. chart, sales the year and $X.X due of during neutral in billion $X.XX combined bar, to XXXX months headwinds $XXX million second approximately can us sales in of of of billion. achieve combined growth nine X% Europe see sales adds X%. billion. number to that combined to full the fifth a resulting noncore currency, approximately estimate sales related Central $X.X we've the
If to sales you'll of you growth expected X%, billion X% get then guidance use during to our XXXX. $X.X of in billion $X.X XXXX our
We component and scent and with volumes pricing key our expect driving across of of the food growth all segments taste performance. broad-based
XXXX our Moving on EPS. to a adjusted reconciliation of
$X.XX. ex We adjusted expect $X.XX to and amortization of of $X.XX EPS adjusted to $X.XX EPS
XX% to of can you see to On $X.XX. the you that growth what range for us of to expect XXXX slide, we our the of in to EPS XX% can get $X.XX see left side we -- adjusted
to that in first section, nine number, Frutarom. EPS with ex full second $X.XX you of key will through walk I'll amortization, months the adjusted the XXXX added bar year be For our the Starting representing drivers.
billion it tax a forward When of has million the outstanding, together other it issuance XXX that dilution with approximately combined XXXX share can that On $X.XX equity approximately approximately has the other rate, minority shares XX $X.XX the XXXX, the Combining to and with impacts, $X.XX for dilution approximately $X.X next you and negative you that the to issuance year. shares count gets before bar, including in year going on full results. debt million $X.XX income from you add effect expense full interest see lower from issuance combined impact impact. related share to Frutarom the
XXXX of you X% expect We in When be the adjusted for XX%, growth to -- $X.XX neutral $X.XX $X.XX. expected comes $X a apply XXXX rates EPS to currency approximately combined related out currency to bridge guidance to our to you of to $X.XX. XXXX
While we take expect given is being raw actions to material profitability the the achieve scent -- the our across time business, adversely line to nature of achieve the top inflation growth impacted by where to see solid pricing entire additional cost business.
raw move our beyond generate we and results -- begin normalize see to tend we materials to would As as majority to the expect to we XXXX, accelerate to trends the begin of integrations our payment by of XXXX. XXXX, a ours. to current repayment down We're a be related in from to critical ratio leverage X.Xx. focus -- Debt continues committed Xx reaching debt
is that, incentives me debt and it turn intent repayment now over Our Andreas. metrics. rating back let With team's aligned management with retain are an investment-grade to to our the
